ACMLRRA
About This Research Association
The Australian Critical Minerals & Listed Resources Research Association operates under the abbreviation ACMLRRA. We started tracking ASX-listed critical mineral companies in late 2022, when lithium spodumene concentrate prices hit record highs above US$6,000 per tonne and the disconnect between commodity pricing and corporate filing disclosures became difficult to ignore. At that point, most financial media coverage focused on price movements. We thought the more useful information lived inside the quarterly cash flow reports, JORC resource updates, and off-take agreement announcements that companies filed with the exchange but that few analysts read in sequence.
Our base is in Darwin, Northern Territory. We chose this location partly because the Top End sits closer to the Pilbara and Kimberley mining regions than most East Coast research houses, though our work is entirely desk-based and relies on public filings rather than site visits. The association is led by Kenneth Martinez and operated by NetStar Ltd, a company registered in the Northern Territory.
What We Do and What We Do Not Do
We compile and publish observational research based on publicly available ASX filings from companies operating in the lithium, nickel, cobalt, and rare earth sectors. Our quarterly review cycles cover capital expenditure patterns, resource reserve reclassifications, and shareholder movement data. We name every company included in each review and cite the specific ASX announcement numbers for every data point.
We do not issue investment recommendations, price targets, or buy/sell ratings. We do not provide real-time trading data. We do not accept commissions or advertising fees from ASX-listed companies. We are not licensed by ASIC to provide financial product advice, and nothing on this site should be interpreted as such. If you need personalised investment guidance, consult a licensed financial adviser registered with the Australian Securities and Investments Commission.
Research Methodology
Our methodology follows a structured four-stage process that has remained largely consistent since Q1 2023, with minor refinements to inclusion criteria applied in mid-2024.
Stage 1: Entity selection. We maintain a working list of ASX-listed companies whose primary revenue stream or declared development focus involves lithium, nickel, cobalt, or rare earth elements. Companies are included if they meet at least one of three thresholds: market capitalisation above A$50 million at the start of the review quarter, active production operations with quarterly Appendix 5B filings, or a declared JORC-compliant resource estimate published within the preceding 24 months. Junior explorers without a scoping study or pre-feasibility assessment are excluded from quarterly reviews but may appear in standalone articles.
Stage 2: Filing collection and classification. For each included entity, we collect quarterly cash flow statements (Appendix 5B), annual and half-yearly financial reports, JORC resource and reserve updates, substantial shareholder notices (Substantial Holder Notices), and any material off-take or joint venture announcements. These are classified into three tracking categories: capital allocation (actual spending vs. budgeted capex), resource base changes (JORC classification upgrades or downgrades), and institutional capital movement (director interest changes and substantial holder filings).
Stage 3: Cross-referencing and divergence identification. We compare each company's quarterly spending patterns against its stated strategic plans from prior annual reports. When actual capital expenditure deviates significantly from budgeted amounts, or when a company simultaneously downgrades production guidance while increasing spending in a different commodity segment, we flag this as a divergence worth documenting. We do not speculate on why the divergence occurred. We report what the filings show and let readers draw their own conclusions.
Stage 4: Publication and citation. Each quarterly review names all included entities, cites specific ASX announcement reference numbers, and links to the original filings on the ASX announcements platform where available. We state which companies were excluded from that cycle and why. Corrections are logged publicly if factual errors are identified after publication.
This methodology deliberately avoids predictive modelling. We do not forecast commodity prices, estimate fair value for securities, or rank companies by investment attractiveness. The purpose is to create a structured, citable record of what publicly filed documents reveal about capital allocation decisions in the Australian critical minerals sector over time.
Corrections and Transparency
If we publish a factual error, we correct it and note the correction date alongside the original publication. Readers who identify potential errors can email kenneth.martinez998@yahoo.com with the specific ASX announcement reference. We aim to review and respond to correction requests within five business days.
We do not remove published content at the request of any ASX-listed company unless a court order requires it. Companies that wish to provide additional context for a filing we have referenced are welcome to contact us, and we may include their clarification in a subsequent update with clear attribution.
Last Updated
This page was last reviewed and updated on 1 June 2025. Methodology changes are documented with dates in the section above.